I’ve been there too, maxed out on hours in the day – but not ready to have a cap on your income. Whether you’re a business owner looking to drop another income stream, an hourly employee looking to make some extra cash without clocking in on another job, or someone on a fixed income needing to create some cashflow, I’ve got some ideas that can create income that’s not exactly based on the hours you work.
Sounds amazing right? Let’s dive in…
First, Let’s chat about Passive Income. This is a popular buzzword we hear floating around the internet quite a bit lately. But, is it real? What does it even mean?
“Passive income is income that requires no effort to earn and maintain.”
Here’s the thing. This is kind of impossible. There is nothing that exists on this earth that requires NO effort to produce. However, there are low-effort options that do not depend on the hours you work to create cash flow. Instead of calling this passive income, I like to call it Exponential Income.
“Exponential income is income produced from the impact you make rather than the hours you put in. The outcome of EI is exponential”.
As a membership mentor who has helped clients create impactful passive and exponential income streams, here are some of my favorite methods and a few tips to maximize them!
Passive income/exponential income options for business owners & creatives
1. Evergreen courses
This is a type of educational course you create & set up once, then run ads or marketing strategy too, that allows for a set it and forget it type of course model. Now, you’ll still need to advertise this course and submit updates as needed but this form of “Passive Income” is fairly passive!
2. Doors open & close course
Another educational course option with planned launch events. Many times entry to this type, of course, is only available in the launch window. It’s still a great option for passive income but will take some larger launch-week style planning & execution.
3. Community membership
This type of membership can be a great option for business owners, creatives, hobbyists, or enthusiasts of any kind to connect. Some common topics are mom-based interest memberships, business-based interest memberships, and really anyone! The goal of community membership is to bring like-minded people together online, in-person, or both!
4. Front end low-cost membership
This is one of my favorites! I love recommending front-end memberships to clients who have an audience who may not be quite ready to invest in their 1:1 or high-ticket offers. A front-end membership allows members the opportunity to learn and grow at a lower rate, in a group atmosphere, with dripped content. This is likely my very favorite way to serve the masses, make an impact and create true exponential income.
5. Back-end support membership
Back-end support memberships are perfect for clients who have graduated from your program but still want access to you for support. This can be a long-term strategy you can use to create community & ensure your clients are wildly successful.
6. Subscription boxes
If you’re in the product industry or would like to be, subscription boxes are an easy way to create consistent sales. They’re also an awesome financial projection tool. If you create hand-made goods or have a niche market (like brides or moms) this can be such a fun strategy to add to your business.
7. Hybrid subscription (product + education)
Product + Education memberships aren’t something you see every day, but they’re a fun way to incentivize members, and maybe even create some buzz around your offer. An example of this would be something like a membership for moms that sends out a cute mom t-shirt or swag every month. When the packages are delivered, members love to share the goods on Instagram, so it works as a passive advertising strategy (UGC) as well!
E-books can be used as a quick pocket offer or a mini-course in PDF version. They’re great for growing your email list, while also making a small profit on each one. These are typically used to start the client journey, build trust & authority and give clients a small win.
9. Stock photos for content creators
If you’re a photographer or content creator, selling your work with rights of use is a great way to create some quick cash on work you’ve already created!
For any and everyone
Passive income is not just for business owners! Anyone who is looking to create a little extra cash or an entire income stream can do so through passive, or exponential income.
10. Investing in the stock market
Investing is not just for the wealthy! You can start small, use apps on your phone, or hire an advisor to help you invest just about any amount of money consistently in the stock market.
11. Affiliate links
Who hasn’t swiped up to buy? I’m pretty sure we’ve all done it. Well, you don’t need to be an influencer or Blogger to make money from affiliate programs. Creating an amazon store is a great place to start, applying for like to know it, and partnering with some of your favorite brands directly are all easy options! You also don’t need the 10k swipe-up feature on Instagram to create income in this way, but you will have to talk about the products and make your links readily available to your audience.
12. Renting out your car on an app like Turo
Got a car you don’t use, or one you don’t use often? Renting your car on Turo is a great option for creating extra income. Think AirBNB, but for your car.
13. Investing in house flips
Not really a Chip and Joanna Gaines type? That’s ok, you can still flip properties! If you’ve got some cash to invest, you can partner with house flippers as a “silent partner” to create some passive income. There is some risk to this one, but it’s definitely one of the most passive options out there.
14. Rental properties
If you’ve recently inherited a property, downsized, or became an empty nester renting out your home could be a great option for you! To make this more passive, you’ll want to hire a property manager, but to maximize profits you can always manage the property yourself.
15. Air BNB
Another option for properties you own but don’t occupy – AIRBNB! Short-term rentals can be fun & super profitable! Especially when you include little extras like photo ops to help promote your listing for free!
Now that we’ve got your wheels turning, I’d love to hear which option is most appealing to you? Let’s connect on Instagram and chat about all things passive income! If you need some help making the decision, you’ll find tons of resources there as well, and my inbox is always open!